Tax Payment in Canada
Posted: Feb 25, 2014
When you want to become an income exile in Canada, then you would be questioned about your income tax eligibility in the new resident country by the Canadian tax authorities. The country considers anybody who has no entity to pay the income tax, a factual resident of Canada. This means you cannot enjoy any of the services of Canada. You need to know that filling up the CRA form can actually trap you when you are out of the country. You should know all about the tax policies of Canada. There are various tax policies like the income tax and much more. Do not fill the CRA Form 73 when you are not in the country. You need to wait till you return to the country.If you are moving out of the country for a short period, you need to know various other things too. First, you need to get in touch with a professional tax consultant, who can help you in saving on your tax, when you reside out of the country.
If you have filled the form you would be haunted by the same. Talk with a tax professional or a tax specialist,and check if you need to pay the income tax in any of the given chances.
You should also consider saving on the income tax when you are in Canada, there are various ways to do the same. When you are into estate planning, you need to know the nuances, so as to save money on various fronts, especially on the income tax area. First thing, you need to know is to pay taxes online. Pay your taxes before the deadline, which actually cuts down the penalty.. You will be subjected to pay the CRA penalty if you pay the taxes after the due date. Another thing you can do is include your family when you get the pay and plan for the tax savings. Gift a part of your assets to your kids. This way you can see that the wealth tax is reduced. The tax for the properties is levied separately. Also, you can see that the children and lesser earning spouse have lower tax levied. This way you can reduce the tax you pay. You can also see that if you run a business, you can give a part of the salary to the kids and lower earning spouse and you can save on the tax you pay.
For this, you need to be first aware of the Canadian tax policy. This way you would come up with various ideas yourself. Next, you need to identify the best professional tax consultant or advisor who offers quality services. He or she can offer various ideas that tell you how you can save on the tax you pay. You need to understand that it is in the planning in advance that matters a lot than anything else. Plan even at the start of the year and you can reap better results.
Josep Guardiola is a tax specialist, who practices as an independent tax consultant. He is providing lots of information about how to manage canadian income tax. In this article you can find details information about estate planning. For more information visit taxca.com.
In these times of economical downpour and recession, many people find themselves immigrating to other countries in search of greener pastures.